How the bank workers clawed back their 2013 losses

How the bank workers clawed back their 2013 losses

The decision to bail in depositors at Bank of Cyprus and Cyprus Popular Bank, widely known as Laiki, wiped out €8bn in deposits held at the island’s largest lenders. For many it meant a disaster. [...]

S&P keeps Cyprus at BB+ rating, positive outlook, citing NPLs

While Cypriot banks, which are struggling with a €20bn mountain of bad debt, roughly two fifths of their loan portfolio, are making efforts to reduce them via loan write-offs and restructuring and o [...]

Government starts repaying €2.5bn Russian loan

The Russian loan accounted in September for 13 per cent of the total public debt of €18.8bn, according to the latest available figures on the website of the Public Debt Management Office. Source: Cy [...]

Capital Intelligence affirms Cyprus’s rating, outlook placed on positive

The economy is expected to grow at a rate about 3 per cent this year and in 2019, the rating company said. Capital Intelligence also cited the government’s satisfactory access to finance and the gra [...]

Government raises more than €9 million through a six-year bond issue

The Ministry of Finance has raised €9,04 million through a six-year bond issue for natural persons 3rd Series (March 2018), the Public Debt Management Office (PDMO) said in a press release. The PDM [...]

Co-op workers give union green light to call strike

Workers at the Cyprus Cooperative Bank (formerly the Cooperative Central Bank) on Thursday gave their union the green light to take all necessary action, including strikes, as a reaction to the bank [...]

Bank of Cyprus sounds the alarm over pressures to its operating costs

The Bank of Cyprus management sounded the alarm on Tuesday pointing out the need for cost cuts, as the bank's operating cost structure will be challenged by the need to reduce its non-performing loan [...]

NPLs and European banks – a way forward

It has been widely recognised that the high level of nonperforming loans (NPLs) in certain European countries is an obstacle to economic growth and a burden on their banking sectors. A loan is classif [...]

Banks relax household credit rules for first time in 3 years

Demand for mortgages and consumer credit as well as corporate credit rose in the previous quarter and is expected to increase further in the current quarter, the central bank said.

Fitch: Strong growth, election result should ‘underpin’ improving finances

Strong economic growth in Cyprus and the expectation of policy continuity after the outcome of the recent presidential elections “should underpin” improving public finances, Fitch Ratings believes [...]

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